Statement from Lendlease to 7.30. 19 June 2019
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In the past 12 months, 40 residences have been sold at the village. All sales were completed
by Lendlease sales agents. All properties were vacant at the time of sale.

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Under contract, all property owners are entitled to seek the agency services of external
parties and to set their own prices. Mrs. Brand was aware of this, but chose to use Lendlease
sales agents. Mrs. Brand also set the price for her property.

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There are more than 20 properties available for sale at the village. There are 364 residences
in the village. There are a variety of floorplans, locations and unit types (eg. apartments and
villas).

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All properties on the market are vacant, except Mrs. Brand’s.

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Since the property was listed in April 2018, 35 inspections have taken place. 34 took place in
the period between 10 Dec 2018 – 22 May 2019.

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Our sales team are remunerated consistently so that there is no bias placed on individual
properties or product types, eg. whether it is a $1M or $500,000 property, our sales team
receive the same commission. This is to avoid any bias and ensure that all unit sales are on
the same level playing field.

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Our figures show that the weekly fees Mrs. Brand is incurring (including service fees, the
DMF, sinking fund contribution, offset by capital gain entitlement) is approximately $350 per
week.

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If Mrs. Brand was to sell today at her current listed price, she would pay 22% Deferred
Management Fee and receive 78% capital gain entitlement.

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By contrast, if Mrs. Brand was at a typical competitor’s village, she would pay between 20%
and 35% Deferred Management Fee and receive 0% capital gain entitlement, which could
leave her approximately $100,000 worse off.

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Lendlease is one of the few operators of retirement villages that share capital growth with its
residents. The Deferred Management Fee for this village is based on the sale price of the unit
and residents share in the capital gain. In addition, Lendlease offers a range of contract
options to meet the varying needs of customers.

Lendlease spokesperson